Why EchoStar Rallied Today

Shares of satellite cable and wireless company (NASDAQ: SATS) rallied 15.5% on Friday, as of 2:18 p.m. EDT.

There was no company-specific news regarding EchoStar's core businesses, which include the upstart Boost Mobile wireless business, a satellite-based broadband business, as well as the declining DISH Network cable business and the over-the-top streaming bundle Sling TV.

However, EchoStar's "core" businesses may be beside the point these days. This summer, the company engaged in a series of transformative spectrum asset sales, which brought in over $30 billion in cash, along with $8.5 billion in SpaceX stock. EchoStar then followed up with another smaller spectrum sale, announced on its Nov. 6 earnings call, resulting in the acquisition of another $2.6 billion in SpaceX stock.

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Source Fool.com